Trilogy Metals (TMQ) director granted 814 deferred share units

Rhea-AI Filing Summary

Trilogy Metals Inc. director Diana J. Walters acquired 814.1200 Deferred Share Units (DSUs) as a grant under a non-discretionary election plan. The DSUs vest immediately, but the underlying common shares are only issued after she leaves the board, and they expire no later than 90 days after her termination date.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

WALTERS DIANA J

(Last) (First) (Middle)

C/O TRILOGY METALS INC.

SUITE 901, 510 BURRARD STREET

(Street)

VANCOUVER A1 V6C 3A8

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Trilogy Metals Inc. [ TMQ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/02/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Deferred Share Units ("DSUs")(1)	$0	03/02/2026		A		814.12		(2)	(2)	Common Shares	814.12	$0	555,893.656	D

Explanation of Responses:

1. Non-discretionary issuances of DSUs pursuant to elections made by plan participants prior to the commencement of the current fiscal year.

2. The DSUs vest immediately; however, the underlying common shares will not be issued to the grantee, and the grantee shall not have any voting or dispositive rights with respect to the underlying common shares, until termination of the grantee's employment or services as a director of the Issuer. The grants will expire no later than 90 days after the grantee's termination date.

	/s/ Elaine Sanders as attorney-in-fact for Diana J. Walters	03/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did Trilogy Metals (TMQ) director Diana Walters report?

Diana J. Walters reported receiving a grant of 814.1200 Deferred Share Units (DSUs). These are derivative awards that vest immediately, but the underlying common shares will only be issued after her service as a director ends, with a limited post-termination exercise window.

How many Deferred Share Units did the Trilogy Metals (TMQ) director acquire?

The director acquired 814.1200 Deferred Share Units (DSUs). After this grant, her total reported derivative holdings rose to 555,893.6560 DSUs, reflecting cumulative awards under the company’s compensation arrangements for board service rather than open-market share purchases.

Are the Trilogy Metals (TMQ) DSUs granted to the director immediately vested?

Yes, the DSUs vest immediately upon grant. However, the underlying common shares are not issued until the director’s service ends, so she does not have voting or dispositive rights over those common shares before her termination as a director of Trilogy Metals.

When will the Trilogy Metals (TMQ) DSUs convert into common shares for the director?

The underlying common shares will be issued only after the director’s employment or service as a board member ends. The grants will expire no later than 90 days after her termination date, defining the outer limit for settlement into common shares.

How were the DSUs for the Trilogy Metals (TMQ) director determined?

The filing states the DSUs are non-discretionary issuances made under elections by plan participants before the current fiscal year began. This means the number of DSUs follows pre-established election decisions rather than ad hoc or opportunistic grants made during the year.